NFES to receive investment proposals for Lankaran
The National Fund for Entrepreneurship Support (NFES) under the Economy Ministry of Azerbaijan has begun accepting investment projects on priority development areas of the Lankaran region.
The NFES will accept entrepreneurs' proposals for financing investment projects on creation of rice growing farms, citrus growing, tea growing and livestock breeding farms, as well as rice and tea processing enterprises and a logistics center for storing citrus fruits.
Within the framework of the latest business forum held in Lankaran, entrepreneurs received preferential loans in the amount of 460,000 manats ($270,500).
The implementation of these projects will open about 50 new work places.
To date, 10.7 million manats ($6.3 million) have been allocated to 14 entrepreneurs for the development of tea growing, and 1.7 million manats ($1 million) - up to 40 entrepreneurs to create citrus orchards in the region.
Entrepreneurs can apply to the Fund through authorized banks and non-bank lenders, in accordance with the rules for using the funds of the NFES. Small projects can be fully financed through concessional loans.
About 150 million manats ($88 million) will be issued for granting preferential loans to entrepreneurs in 2017.
During January-September 2017, 1,154 entrepreneurs received soft loans in the amount of 90.4 million manats ($53.18 million).
The main goal of the Fund, which was established in 1992, is to provide preferential loans from the state budget for small and medium business, in order to develop entrepreneurship in the Republic of Azerbaijan.
Allocation of funds by NFES is aimed at the minimizing of the impact of global economic crisis to the national economy and mitigation of its dependence on the oil sector.
Encouraging business doing in the country is one of the priorities for the Azerbaijani government, which supports entrepreneurs through creating necessary conditions for the development of a healthy business environment in the country.
Lankaran is a port city located on the shore of the Caspian Sea, on the border with Iran.
Lankaran is magnificently beautiful and has its peculiar architecture, historical buildings of the 8th-19th centuries and rich cultural heritage.
Dominating spheres in Lankaran economy are vegetable-growing, teagrowing, paddy cultivating, cattlebreeding, citrus plants, beekeeping, fishing, and grain farming. Favorable humid subtropical climate, availability of good arable land, water and sufficient labour resources of city provides a good basis for agricultural activities as well as development of agro-processing enterprises.
The city is also home of Azerbaijan's first tea plant, built in 1937.